SAN DIEGO--(BUSINESS WIRE)--Innovus Pharmaceuticals, Inc. ("Innovus Pharma" or the “Company”) (OTCQB Venture Market: INNV), an emerging commercial-stage pharmaceutical company that delivers safe, innovative and effective over-the-counter medicine and consumer care products to improve men’s and women's health and respiratory diseases, today announced that it has entered into an additional agreement with current partner ACON Laboratories, Inc. (“ACON Labs”). ACON Labs is a San Diego-based diagnostic product manufacturer who will supply Innovus Pharma with its U.S. Food and Drug Administration’s (“FDA”) cleared glucose monitor, test strips and lancet device (the “GlucoGorx® Kit”). Innovus Pharma will offer the GlucoGorx™ Kit, which will provide highly sensitive glucose level testing results within 4 seconds, to its customers who buy its GlucoGorx™ clinical glucose supplement.
According to WebMD, diabetes is a lifelong disease. As of 2017, approximately 18.2 million Americans have been diagnosed with the disease and almost one-third (approximately 5.2 million) are unaware that they are living with it. An additional 41 million people have pre-diabetes and those with diabetes need to manage the disease to stay healthy; as of today, there is no cure for diabetes.
With an FDA-cleared glucometer and test strips, Innovus Pharma is now eligible to enter reimbursement and government supply programs, expanding the addressable market significantly for this product.
“We are proud to expand our partnership and to be working with ACON to add the GlucoGorx™ glucose monitor, strips and lancet device for our customers. The creation of a kit for monitoring a diabetic’s blood suger levels expands our GlucoGorx™ clinical supplement offerings,” stated Dr. Bassam Damaj, President and Chief Executive Officer of Innovus Pharma. “We strongly believe our GlucoGorx™ customers will be able to use our FDA cleared kit to monitor their blood sugar levels from the convenience of their own homes. We are excited that Innovus Pharma is entering this large glucose monitoring market and we look forward to offering GlucoGorx™ and the GlucoGorx™ Kit in the first half of 2018," he continued.
About the GlucoGorx™ Glucose Monitor, Lancet and Test Strips
The GlucoGorx™ Kits are FDA-cleared tests for the monitoring of blood sugar levels in diabetics. The test has undergone clinical trials and the results can be seen by customers within four seconds
According to a June 22, 2017 Research and Markets published report, "Glucose Monitoring Global Market – Forecast to 2023”, the Glucose Monitoring global market is forcasted to reach to $11.24 billion by 2023 and grow at single digit CAGR.
About Innovus Pharmaceuticals, Inc.
Headquartered in San Diego, Innovus Pharma is an emerging OTC consumer goods and specialty pharmaceutical company engaged in the commercialization, licensing and development of safe and effective non-prescription medicine and consumer care products to improve men’s and women’s health and vitality and respiratory diseases. Innovus Pharma delivers innovative and uniquely presented and packaged health solutions through its (a) OTC medicines and consumer and health products, which we market directly, (b) commercial partners to primary care physicians, urologists, gynecologists and therapists, and (c) directly to consumers through our on-line channels, retailers and wholesalers. The Company is dedicated to be a leader in developing and marketing new OTC and branded Abbreviated New Drug Application (“ANDA”) products, men’s and women’s health supplements, related diagnostics and medical devices. The Company is actively pursuing opportunities where existing prescription drugs have recently, or are expected to, change from prescription (or Rx) to OTC, as well as related products.
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About ACON Laboratories, Inc.
ACON Laboratories Inc. is a privately-owned Diagnostics and Medical Device company, which was founded in 1995, with its headquarters located in San Diego, California. ACON Laboratories, Inc. produces a broad range of medical diagnostic and healthcare products that are sold in over 130 countries worldwide. The company continues to expand its product lines through extensive research and development, with the goal of helping improve the health and well-being of patients around the world. ACON’s manufacturing facility is a U.S. FDA registered manufacturer of rapid diagnostic and healthcare products.
Innovus Pharma's Forward-Looking Safe Harbor:
Statements under the Private Securities Litigation Reform Act, as amended: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, projected revenues from the GlucoGorx™ supplements and the GlucoGorx™ Kit in the United States, estimated market for its products, and statements about achieving its other development, growth, commercialization, financial and staffing objectives. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent filing on Form S-1, annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q and other filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.